"We believe this will allow us quickly to increase the life of mine and the value of the project," Robex CEO Benjamin Cohen said.

The past-producing project is an open pit mine with a 6.5-year mine life, production of 712,000oz, average annual production of 110,000oz life of mine, and cash costs of $985/oz LOM. The IRR is 32%.

The upfront capital cost is set at $144.4 million with LOM capital of $161 million. The payback period is 3.5 years.

Robex is adding the Kiniero project to its portfolio through a business combination with Cyprus-based Sycamore Mining, which is expected to close by the end of this quarter.

Cohen said the PFS and MRE completed by the new team de-risks the plan and encourages the company in using it as a starter project.

"With this PFS we will continue our discussions with the financiers to accelerate investments by end-2022. This would help us to move towards our target of first pour in Q1 2024," Cohen said.

The $155 million NPV5% is based on a gold price of $1,650/oz.

Kiniero previously ran from 2002 to 2014, having produced 436,346oz.

"All the infrastructure from the former mining operation have been refurbished and upgraded with an operational airstrip, a management camp, a village camp, and a workshop," Robex has previously said.

Canada-listed Robex also as exploration properties in Mali and the Nampala operating mine.

The company's share price was C$0.325 (US$0.25) on 29 August, with a market capitalisation of C$195.39 million.